Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Nov. 30, 2017 | Dec. 31, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | FACTSET RESEARCH SYSTEMS INC | |
Entity Central Index Key | 1,013,237 | |
Trading Symbol | fds | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 39,023,879 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Revenues | $ 329,141 | $ 288,063 |
Operating expenses | ||
Cost of services | 161,524 | 127,250 |
Selling, general and administrative | 78,519 | 70,494 |
Total operating expenses | 240,043 | 197,744 |
Operating income | 89,098 | 90,319 |
Other expense | (2,919) | (499) |
Income before income taxes | 86,179 | 89,820 |
Provision for income taxes | 15,800 | 23,237 |
Net income | $ 70,379 | $ 66,583 |
Basic earnings per common share (in dollars per share) | $ 1.80 | $ 1.67 |
Diluted earnings per common share (in dollars per share) | $ 1.77 | $ 1.66 |
Basic weighted average common shares (in shares) | 39,085 | 39,827 |
Diluted weighted average common shares (in shares) | 39,680 | 40,100 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | ||
Net income | $ 70,379 | $ 66,583 | |
Other comprehensive income (loss), net of tax | |||
Net unrealized (loss) gain on cash flow hedges* | [1] | (476) | 447 |
Foreign currency translation adjustments | 8,466 | (11,497) | |
Other comprehensive income (loss) | 7,990 | (11,050) | |
Comprehensive income | $ 78,369 | $ 55,533 | |
[1] | For the three months ended November 30, 2017, the unrealized gain on cash flow hedges was net of tax expense of $288. For the three months ended November 30, 2016, the unrealized loss on cash flow hedges was net of tax benefits of $261. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 221,933 | $ 194,731 |
Investments | 31,677 | 32,444 |
Accounts receivable, net of reserves of $2,920 at November 30, 2017 and $2,738 at August 31, 2017 | 144,848 | 148,331 |
Prepaid taxes | 7,076 | |
Deferred taxes | 2,668 | |
Prepaid expenses and other current assets | 28,554 | 24,126 |
Total current assets | 427,012 | 409,376 |
Property, equipment and leasehold improvements, net | 98,731 | 100,454 |
Goodwill | 712,476 | 707,560 |
Intangible assets, net | 168,874 | 173,543 |
Deferred taxes | 6,975 | 7,412 |
Other assets | 16,534 | 14,970 |
TOTAL ASSETS | 1,430,602 | 1,413,315 |
LIABILITIES | ||
Accounts payable and accrued expenses | 67,669 | 59,214 |
Accrued compensation | 20,658 | 61,083 |
Deferred fees | 43,423 | 47,495 |
Deferred taxes | 2,382 | |
Taxes payable | 7,948 | 9,112 |
Dividends payable | 21,902 | 21,853 |
Total current liabilities | 161,600 | 201,139 |
Long-term debt | 574,666 | 575,000 |
Deferred taxes | 25,028 | 24,892 |
Deferred fees | 4,713 | 3,921 |
Taxes payable | 9,465 | 11,484 |
Deferred rent and other non-current liabilities | 36,913 | 37,188 |
TOTAL LIABILITIES | 812,385 | 853,624 |
Commitments and contingencies (See Note 17) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $.01 par value, 150,000,000 shares authorized, 52,101,426 and 51,845,132 shares issued; 39,110,080 and 39,023,032 shares outstanding at November 30, 2017 and August 31, 2017, respectively | 521 | 518 |
Additional paid-in capital | 775,509 | 741,748 |
Treasury stock, at cost: 12,991,346 and 12,822,100 shares at November 30, 2017 and August 31, 2017, respectively | (1,638,384) | (1,606,678) |
Retained earnings | 1,507,301 | 1,458,823 |
Accumulated other comprehensive loss | (26,730) | (34,720) |
TOTAL STOCKHOLDERS’ EQUITY | 618,217 | 559,691 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,430,602 | $ 1,413,315 |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Accounts receivable, reserves | $ 2,920 | $ 2,738 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 52,101,426 | 51,845,132 |
Common stock, shares outstanding (in shares) | 39,110,080 | 39,023,032 |
Treasury stock, shares (in shares) | 12,991,346 | 12,822,100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 70,379 | $ 66,583 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 14,286 | 10,016 |
Stock-based compensation expense | 7,481 | 6,385 |
Deferred income taxes | 875 | 4,907 |
Loss on sale of assets | 17 | |
Tax benefits from share-based payment arrangements | (5,511) | |
Changes in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net of reserves | 3,511 | (9,985) |
Accounts payable and accrued expenses | 8,604 | 2,043 |
Accrued compensation | (40,384) | (34,261) |
Deferred fees | (3,531) | (3,118) |
Taxes payable, net of prepaid taxes | 7,401 | 13,786 |
Prepaid expenses and other assets | (6,716) | (2,805) |
Deferred rent and other non-current liabilities | (845) | 3,225 |
Other working capital accounts, net | 65 | (152) |
Net cash provided by operating activities | 61,143 | 51,113 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of businesses, net of cash acquired | (71,689) | |
Purchases of investments | (6,942) | (16,700) |
Proceeds from sales of investments | 7,409 | 19,501 |
Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions | (5,912) | (12,537) |
Net cash used in investing activities | (5,445) | (81,425) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend payments | (21,682) | (19,867) |
Repurchases of common stock | (31,706) | (84,860) |
Proceeds from debt | 65,000 | |
Purchase of business | 442 | |
Proceeds from employee stock plans | 22,132 | 16,685 |
Tax benefits from share-based payment arrangements | 5,511 | |
Net cash used by financing activities | (30,814) | (17,531) |
Effect of exchange rate changes on cash and cash equivalents | 2,318 | (7,276) |
Net increase (decrease) in cash and cash equivalents | 27,202 | (55,119) |
Cash and cash equivalents at beginning of period | 194,731 | 228,407 |
Cash and cash equivalents at end of period | $ 221,933 | $ 173,288 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. ORGANIZATION AND NATURE OF BUSINESS FactSet Research Systems Inc. (the “Company” or “FactSet”) is a global provider of integrated financial information, analytical applications and industry-leading service for the global investment community. The Company delivers insight and information to investment professionals through its analytics, services, content, and technology. These professionals include portfolio managers, investment research professionals, investment bankers, risk and performance analysts, and wealth advisors. From streaming real-time data to historical information, including quotes, estimates, news and commentary, FactSet offers unique and third ’s broad application suite offers tools and resources including company and industry analyses, full screening tools, portfolio analysis, risk profiles, alpha-testing, portfolio optimization and research management solutions. With recent acquisitions, FactSet has continued to expand its solutions across the investment lifecycle from idea generation to performance and client reporting. The Company’s revenues are derived from subscriptions to products and services such as workstations, analytics, enterprise data, research management, and trade execution. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. FactSet conducts business globally and is managed on a geographic basis. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany activity and balances have been eliminated from the consolidated financial statements. The unaudited condensed consolidated financial statements of FactSet and the accompanying notes included in this Quarterly Report on Form 10 In the opinion of management, the accompanying condensed consolidated financial statements include all normal recurring adjustments, transactions or events discretely impacting the interim periods considered necessary to fairly state our results of operations, financial position and cash flows. The information in this Form 10 10 August 31, 2017. The Company has evaluated subsequent events through the date that the f inancial statements were issued. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 . RECENT ACCOUNTING PRONOUNCEMENTS As of the beginning of fiscal 2018, no first three 2018 New Accounting Standards or Updates Recently Adopted Balance Sheet Classification of Deferred Taxes During the first 2018, November 2015 standard update is a change to the balance sheet presentation only. The changes have been applied prospectively as permitted by the standard and prior periods have not Share-Based Payments During the first 2018, March 2016, s. This accounting standard update will increase the volatility within the Company’s provision for income taxes as all excess tax benefits or deficiencies related to share-based payments, that were previously reported within equity, are now recognized in the consolidated statement of income. In addition, this standard changes the classification of excess tax benefits presented in the Company's consolidated statements of cash flows from a financing activity to an operating activity, which has be applied on a prospective basis as permitted by the standard and prior periods have not $4.1 first 2018. $0.09 three November 30, 2017. not Recent Accounting Standards or Updates Not Revenue Recognition In May 2014 July 2015, , which provide clarified principles for recognizing revenue arising from contracts with clients and supersede most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These accounting standard updates will be effective for FactSet beginning in the first 2019, 2018 September 1, 2018 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, ing standard update significantly revises an entity’s accounting related to the presentation of certain fair value changes for financial liabilities measured at fair value. This guidance also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance will be effective for FactSet beginning in the first 2019. Leases In February 2016, ’s new revenue recognition standard. The guidance also eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. This accounting standard update will be effective for FactSet beginning in the first 2020, 2019 Share-Based Payments In May 2017, not first 2019, Cash Flow Simplification In August 2016, update, which simplifies how certain transactions are classified in the statement of cash flows. This includes revised guidance on the cash flow classification of debt prepayments and debt extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investments. The guidance is intended to reduce diversity in practice across all industries. This accounting standard update will be effective for FactSet beginning in the first 2019. Income Taxes on Intra-Entity Transfer s of Asset s In October 2016, update, which removes the prohibition against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The guidance is intended to reduce diversity in practice related to the tax consequences of certain types of intra-entity asset transfers, particularly those involving intellectual property. This accounting standard update will be effective for FactSet beginning in the first 2019. Goodwill Impairment Test In January 2017, , which removes the requirement for companies to compare the implied fair value of goodwill with its carrying amount as part of step 2 not first 2021, January 1, 2017. Hedge Accounting Simplification In August 2017, first 2020, No November 30, 2017 |
Note 4 - Fair Value Measures
Note 4 - Fair Value Measures | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 4. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three may ’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may Level 1 – applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. These Level 1 Level 2 – applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company’s certificates of deposit, mutual funds and derivative instruments are classified as Level 2. Level 3 – applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. There were no 3 November 30, 2017 August 31, 2017. ( a ) Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables shows by level within the fair value hierarchy the Company ’s assets and liabilities that are measured at fair value on a recurring basis at November 30, 2017 August 31, 2017: Fair Value Measurements at November 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 47,741 $ — $ — $ 47,741 Mutual f unds (2) — 20,475 — 20,475 Certificates of deposit ( 3 ) — 11,202 — 11,202 Derivative instruments (4 ) — 5,375 — 5,375 Total assets measured at fair value $ 47,741 $ 37,052 $ — $ 84,793 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — Fair Value Measurements at August 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 26,677 $ — $ — $ 26,677 Mutual Funds (2) — 18,364 — 18,364 Certificates of deposit (3) — 14,080 — 14,080 Derivative instruments (4) — 6,142 — 6,142 Total assets measured at fair value $ 26,677 $ 38,586 $ — $ 65,263 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — ( 1 The Company ’s corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company’s corporate money market funds are classified as Level 1 the C onsolidated B alance Sheets . ( 2 The Company’s mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds allocated to each share of the mutual fund using a net asset value approach. The fair value of the underlying investments is based on observable inputs . As such, the Company’s mutual funds are classified as Level 2 are classified as investments (short-term) on the Consolidated Balance Sheets. ( 3 The Company ’s certificates of deposit held for investment are not 2. three one nvestments (short-term) on the Consolidated Balance S heet s . ( 4 The Company utilizes the income approach to measure fair value for its derivative instruments ( foreign currency forward contracts ). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore , are classified as Level 2. The Company did not 1 2 ( b ) Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain assets, including goodwill and intangible assets, and liabilities, are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not may three November 30, 2017, no (c) Assets and Liabilities Measured at Fair Value for Disclosure Purposes O nly As of November 30, 2017 August 31, 2017, $575 2 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. Cash Flow Hedges FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee , Japanese Yen and Philippine Peso. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not no first three 2018 2017, no As of November 30, 2017, 75% third 2019. The following is a summary of all hedging position s and corresponding fair values: (in thousands) Gross Notional Value Fair Value (Liability) Asset Currency Hedged (in U.S. dollars) November 30, 2017 August 31, 2017 November 30, 2017 August 31, 2017 Indian Rupee 43,860 51,000 5,375 6,142 Total $ 43,860 $ 51,000 $ 5,375 $ 6,142 As of November 30, 2017, 3.3 Counterparty Credit Risk As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities, when applicable. FactSet calculates credit risk from observable data related to credit default swaps (“CDS”) as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. As CDS spread information is not not Fair Value of Derivative Instruments The following table provide s the fair value of derivative instruments: (in thousands) Designation of Derivatives Balance Sheet Location November 30, 2017 August 31, 2017 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 3,943 $ 3,796 Other assets $ 1,432 $ 2,346 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ — $ — All derivatives were designated as hedging instruments as of November 30, 2017 August 31, 2017, Derivatives in Cash Flow Hedging Relationships The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended November 30, 2017 2016: (in thousands) Loss Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Gain ( Loss) Reclassified Derivatives in Cash Flow Hedging Relationships 2017 2016 2017 2016 Foreign currency forward contracts $ (1 ) $ (649 ) SG&A $ 763 $ (1,357 ) No ’s gain or loss was included in the assessment of hedge effectiveness. As of November 30, 2017, $3.9 12 Offsetting of Derivative Instruments FactSet ’s master netting and other similar arrangements with its respective counterparties allow for net settlement under certain conditions. As of November 30, 2017 August 31, 2017, no |
Note 6 - Other Comprehensive In
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 6. LOSS ) AND ACCUMULATED OTHER COMPREHENSIVE LOSS The components of other comprehensive income and amounts reclassified out of AOCL into earnings during the three November 30, 2017 2016 November 30, 2017 November 30, 2016 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 8,466 $ 8,466 $ (11,497 ) $ (11,497 ) Realized (gain) loss on cash flow hedges reclassified to earnings (1) (763 ) (476 ) 1,357 857 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1 ) — (649 ) (410 ) Other comprehensive income (loss) $ 7,702 $ 7,990 $ (10,789 ) $ (11,050 ) ( 1 Reclassified to Selling, General and Administrative Expenses The components of AOCL are as follows: (in thousands) November 30, 2017 August 31, 2017 Accumulated unrealized gains on cash flow hedges, net of tax $ 3,326 $ 3,802 Accumulated foreign currency translation adjustments (30,056 ) (38,522 ) Total accumulated other comprehensive loss $ (26,730 ) $ (34,720 ) |
Note 7 - Segment Information
Note 7 - Segment Information | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 . SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities from which they may ’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Financial information at the operating segment level is reviewed jointly by the Chief Executive Officer (“CEO”) and senior management. Senior management consists of certain executives who directly report to the CEO, consisting of the Chief Financial Officer, Chief Operating Officer, Chief Technology and Product Officer, Global Head of Sales and Client Solutions, General Counsel and Chief Human Resources Officer. Senior management, along with the CEO, constitute FactSet’s chief operating decision making group (“CODMG”) and is responsible for making decisions about resources allocated amongst the operating segments based on actual results. FactSet ’s operating segments are aligned with how the Company, including its CODMG, manages the business and the demographic markets in which FactSet serves. The Company’s internal financial reporting structure is based on three The U.S. segment services investment professionals including financial institutions throughout the Americas. The European and Asia Pacific segments service investment professionals located throughout Europe and the Asia Pacific region, respectively. The European segment maintains office locations in England, Bulgaria, Dubai, France, Germany, Italy, Latvia, the Netherlands, Spain, and Switzerland. The Asia Pacific segment has office locations in Australia, Hong Kong, India, Japan, the Philippines, Singapore and South Africa. Segment revenues reflect direct sales to clients based in their respective geographic locations. Each segment records compensation expense, including stock-based compensation, amortization of intangible assets, depreciation of furniture and fixtures, amortization of leasehold improvements, communication costs, professional fees, rent expense, travel, office and other direct expenses. Expenditures associated with the Company ’s data centers, third not $712.5 November 30, 2017, 54% 45% 1% The following reflects the results of operations of the segments consistent with the Company ’s management system. These results are used by management, both in evaluating the performance of, and in allocating resources to, each of the segments. (in thousands) For the three months ended November 30, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 208,768 $ 91,727 $ 28,646 $ 329,141 Segment operating profit 40,771 32,970 15,357 89,098 Total assets 719,491 603,848 107,263 1,430,602 Capital expenditures 3,545 1,524 843 5,912 For the three months ended November 30, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 190,627 $ 71,863 $ 25,573 $ 288,063 Segment operating profit 40,005 36,584 13,730 90,319 Total assets 698,328 262,523 85,314 1,046,165 Capital expenditures 11,125 491 921 12,537 |
Note 8 - Business Combinations
Note 8 - Business Combinations | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 8. BISAM On March 17, 2017, 217.6 160 $3.2 2017 Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the fourth 2017. no ’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. (i n thousands ) Tangible assets acquired $ 27,583 Amortizable intangible assets Software technology 18,261 Client relationships 37,597 Trade name 741 Goodwill 173,898 Total assets acquired $ 258,080 Liabilities assumed (40,443 ) Net assets acquired $ 217,637 Intangible assets of $ 56.6 16 five four Goodwill totaling $ 173.9 not March 17, 2017. not not Vermi lion On November 8, 2016, $67.9 59 $0.7 Allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the third 2017. no ’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. Based upon the purchase price and the valuation, the allocation is as follows: (i n thousands ) Tangible assets acquired $ 7,916 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 51,157 Total assets acquired $ 77,320 Liabilities assumed (9,434 ) Net assets acquired $ 67,886 Intangible assets of $ 18.2 15 six three four Goodwill totaling $ 51.2 not November 8, 2016. not not |
Note 9 - Goodwill
Note 9 - Goodwill | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 9 . GOODWILL Changes in the carrying amount of goodwill by segment for the three November 30, 2017 (i n thousands ) U.S. Europe Asia Pacific Total Balance at August 31, 2017 $ 386,835 $ 317,759 $ 2,966 $ 707,560 Foreign currency translations — 5,390 (49 ) 5,341 Other adjustments (107 ) (318 ) — (425 ) Balance at November 30, 2017 $ 386,728 $ 322,831 $ 2,917 $ 712,476 Goodwill is not ’s reporting units evaluated for potential impairment were the U.S., Europe and Asia Pacific, which reflect the level of internal reporting the Company uses to manage its business and operations. The three no fourth 2017, no |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 1 0 . INTANGIBLE ASSETS FactSet ’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from previous acquisitions, which have been fully integrated into the Company’s operations. The weighted average useful life of FactSet’s acquired identifiable intangible assets at November 30, 2017 11.5 no first three 2018. No no The gross carrying amounts and accumulated amortization totals related to the Company ’s identifiable intangible assets are as follows: At November 30, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 35,039 $ 19,890 $ 15,149 Client relationships 100,375 24,341 76,034 Software technology 106,610 34,362 72,248 Non-compete agreements 4,875 1,750 3,125 Trade names 4,113 1,795 2,318 Total $ 251,012 $ 82,138 $ 168,874 At August 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,116 $ 18,899 $ 15,217 Client relationships 99,779 22,339 77,440 Software technology 105,963 30,889 75,074 Non-compete agreements 4,833 1,518 3,315 Trade names 4,080 1,583 2,497 Total $ 248,771 $ 75,228 $ 173,543 Amortization expense recorded for intangible assets was $ 6.2 $3.8 three November 30, 2017 2016, November 30, 2017, five Fiscal Year (in thousands) Estimated Amortization Expense 2018 (remaining nine months) $ 18,533 2019 23,838 2020 23,120 2021 21,589 2022 19,259 Thereafter 62,535 Total $ 168,874 |
Note 11 - Common Stock and Earn
Note 11 - Common Stock and Earnings Per Share | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 1 . COMMON STOCK AND EARNINGS PER SHARE On November 8, 2017, $0.56 $2.24 $21.9 December 19, 2017 November 30, 2017. Shares of common stock outstanding w ere as follows: Three Months ended November 30, (i n thousands) 2017 2016 Balance at September 1 39,023 40,038 Common stock issued for employee stock plans 256 310 Repurchase of common stock from employees (1) (4 ) (36 ) Repurchase of common stock under the share repurchase program (165 ) (505 ) Repurchase of common stock under accelerated share repurchase agreement — (103 ) (2) Balance at November 30, 201 7 and 2016, respectively 39,110 39,704 ( 1 For the three November 30, 2017 and 2016 , the Company repurchased 4,220 and 34, 639 shares, or $ 0.8 million and $5.3 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. ( 2 On July 1, 2016, The final settlement of the ASR Agreement occurred in the first 2017 , with FactSet receiving an additional 102,916 A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (“EPS”) computations is as follows: (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended November 30, 2017 Basic EPS Income available to common stockholders $ 70,379 39,085 $ 1.80 Diluted EPS Dilutive effect of stock options and restricted stock 595 Income available to common stockholders plus assumed conversions $ 70,379 39,680 $ 1.77 For the three months ended November 30, 2016 Basic EPS Income available to common stockholders $ 66,583 39,827 $ 1.67 Diluted EPS Dilutive effect of stock options and restricted stock 273 Income available to common stockholders plus assumed conversions $ 66,583 40,100 $ 1.66 Dilutive potential common shares consist of stock options and un vested restricted stock awards. The number of stock options excluded from the calculation of diluted earnings per share for the three November 30, 2017 November 30, 2016 552,389 621,503, For the three months ended November 30, 2017, 332,338 . three November 30, 2016, 756,994. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 2 . S TOCK HOLDERS’ E QUITY Preferred Stock At November 30, 2017 August 31, 2017, 10,000,000 $0.01 no may one Common Stock At November 30, 2017 August 31, 2017, 150,000,000 $.01 52,101,426 51,845,132 Treasury Stock At November 30, 2017 August 31, 2017, 12,991,346 12,822,100 39,110,080 39,023,032 November 30, 2017 August 31, 2017, Share Repurchase Program Repurchases will be made from time to time in the open market and privately negotiated transactions, subject to market conditions. During the first three 2018, 164,920 $30.9 505,000 $79.3 November 30, 2017, $213.2 No no Restricted Stock Vesting Restricted stock awards entitle the holder to shares of common stock as the awards vest over time. During the first three 2018, 11,278 November 30, 2017 ( 4,220 94,877 November 30, 2016 ( 34,639 Dividends The Company ’s Board of Directors declared the following historical dividends: Declaration Date Dividends Per Share of Type Record Date Total $ Amount (in thousands) Payment Date November 8, 2017 $ 0.56 Regular (cash) November 30, 2017 $ 21,902 December 19, 2017 August 10, 2017 $ 0.56 Regular (cash) August 31, 2017 $ 21,853 September 19, 2017 May 5, 2017 $ 0.56 Regular (cash) May 31, 2017 $ 21,951 June 20, 2017 February 6, 2017 $ 0.50 Regular (cash) February 28, 2017 $ 19,709 March 21, 2017 November 10, 2016 $ 0.50 Regular (cash) November 30, 2016 $ 19,852 December 20, 2016 August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 All of the above cash dividends were paid from existing cash resources. Future dividend payments will depend on the Company ’s earnings, capital requirements, financial condition and other factors considered relevant by the Company and is subject to final determination by the Company’s Board of Directors. |
Note 13 - Employee Stock Option
Note 13 - Employee Stock Option and Retirement Plans | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 1 3 . EMPLOYEE STOCK OPTION AND RETIREMENT PLANS Stock Option Awards The FactSet Research Systems Inc. 2004 December 14, 2020. not ten five not may Stock Option Activity During the first three 2018, 553,942 $189.98 November 30, 2017, 3,669,181 $149.09. $75.1 3.8 A summary of stock option activity is a s follows: (in thousands, except per share data) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2017 3,366 $ 139.29 Granted – nonperformance-based 554 $ 189.98 Exercised (226 ) $ 104.90 Forfeited (25 ) $ 133.89 Balance at November 30, 201 7 3,669 $ 149.09 The total number of in-the-money options exercisable as of November 30, 2017 1.3 $121.40. November 30, 2017 August 31, 2017 $102.3 $49.7 $199.88 $157.18 November 30, 2017 August 31, 2017, three November 30, 2017 2016 $18.0 $16.4 Performance-based Stock Options Performance-based stock options require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based options that vest will be predicated on the Company achieving performance levels during the measurement period subsequent to the date of grant. Dependent on the financial performance levels attained by FactSet, a percentage of the performance-based stock options will vest to the grantees of those stock options. However, there is no February 2015 w In connection with the acquisition of Code Red, FactSet granted 137,522 during the second 2015. 68,761 two February 28, 2017. 70% February 28, 2019 November 30, 2017, $0.6 1.2 The remaining 68,761 granted in February 2015 four February 28, 2019. November 30, 2017, $0.4 1.2 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (844 ) — 10% $ (633 ) $ 89 40% (current expectation) $ — $ 356 70% $ 633 $ 623 100% $ 1,266 $ 891 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of November 30, 2017 . January 2017 In connection with the acquisition of Vermilion, FactSet granted 61,744 January 2017. 40% second 20% November 30, 2017. November 30, 2017, not no Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 100% $ 473 $ 2,232 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of November 30, 2017 . June 2017 In connection with the acquisition of BISAM, FactSet granted 206,417 June 2017. 40% second 20% March 31, 2019. November 30, 2017, not no Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 80% $ 592 $ 6,515 90% $ 666 $ 7,329 100% $ 740 $ 8,144 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of November 30, 2017. Restricted Stock and Stock Unit Awards The Company ’s Option Plan permits the issuance of restricted stock and restricted stock units. Restricted stock awards are subject to continued employment over a specified period. Restricted Stock and Stock Unit Awards Activity During the first three 2018, 961 $182.17. 5.0 A s of November 30, 2017, 161,527 $17.5 3.3 A summary of restricted stock award activity is as follows: (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2017 182 $ 138.62 Granted 1 $ 182.17 Forfeited (10 ) $ 114.37 Vested (1) (11 ) $ 157.37 Balance at November 30, 2017 162 $ 139.12 ( 1 Of the 11,278 restricted stock awards that vested during the first 201 8 , 9,765 related to the second 20% awards granted on October 16 , 201 5 . These awards vest 20% The remaining 1,513 Share-based Awards Available for Grant A summary of share-based awards available for grant is as follows: (in thousands) Share-based Awards Available for Grant under the Employee Option Plan Share-based Awards Available for Grant under the Non-Employee Directors Plan Balance at August 31, 2017 897 42 Granted – nonperformance-based options (554 ) — Granted – performance-based options — — Granted – restricted stock awards (1) (2 ) — Share-based awards canceled/forfeited (2) 51 — Balance at November 30, 2017 392 42 ( 1 Each restricted stock award granted is equivalent to 2.5 ’s Option Plan. ( 2 Under the Company ’s Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 Employee Stock Purchase Plan Shares of FactSet common stock may Amended and Restated FactSet Research Systems Inc. 2008 three 85% first three may not 10% $25,000 During the three November 30, 2017, 19,589 $134.39 16,496 $136.14 three November 30, 2016. November 30, 2017, 313,583 401 The Company established it 401 1993. 401 1974 1986 may 60% 4% five $2.8 $1.9 401 three November 30, 2017 2016, |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 4 . STOCK-BASED COMPENSATION The Company recognized total stock-based compensation expens e of $7.5 $6.4 three November 30, 2017 2016, November 30, 2017, $92.5 3.6 no November 30, 2017 August 31, 2017, Employee Stock Option Fair Value Determinations The Company utilizes the lattice-binomial option-pricing model (“binomial model”) to estimate the fair value of new employee stock option grants. The Company ’s determination of fair value of stock option awards on the date of grant using the binomial model is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not Q1 201 8 553,942 nonperformance-based employee stock options were granted at a weighted average exercise price of $189.98 $48.27 Q1 201 7 671,263 performance-based employee stock options and 22,460 $152.51 $39.60 The weighted average estimated fair value of employee stock options granted was determined using the binomial model with the following weighted average assumptions: Three months ended November 30, 2017 2016 Term structure of risk-free interest rate 1.28% - 2.41% 0.07% - 2.09% Expected life (years) 7.4 7.4 Term structure of volatility 19% - 29% 21% - 30% Dividend yield 1.32% 1.18% Weighted average estimated fair value $48.27 $39.60 Weighted average exercise price $189.98 $152.51 Fair value as a percentage of exercise price 25.4% 26.0% The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on a combination of historical volatility of the Company ’s stock and implied volatilities of publicly traded options to buy FactSet common stock with contractual terms closest to the expected life of options granted to employees. The approach to utilize a mix of historical and implied volatility was based upon the availability of actively traded options on the Company’s stock and the Company’s assessment that a combination of implied volatility and historical volatility is best representative of future stock price trends. The Company uses historical data to estimate option exercises and employee termination within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding and is a derived output of the binomial model. The binomial model estimates employees exercise behavior based on the option’s remaining vested life and the extent to which the option is in-the-money. The binomial model estimates the probability of exercise as a function of these two Non-Employee Director Stock Option Fair Value Determinations The 2008 ’ Stock Option Plan (the “Directors’ Plan”) provides for the grant of share-based awards, including stock options, to non-employee directors of FactSet. An initial 250,000 42,185 November 30, 2017. December 1, 2018. The Company utilizes the Black-Scholes model to estimate the fair value of non-employee Director stock option grants. The Company ’s determination of fair value of share-based payment awards on the date of grant is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not Fiscal 201 8 There were no ’s non-employee Directors during the first 2018. Fiscal 2017 There were no ’s non-employee Directors during the first 2017. January 13, 2017, 23,846 one 2,104 December 20, 2016. January 13, 2017 $35.65 Risk-free interest rate 1. 95 % Expected life (years) 5.4 Expected volatility 22.7 % Dividend yield 1.24 % Restricted Stock Fair Value Determinations Restricted stock granted to employees entitle s the holder to shares of common stock as the award vests over time, but not first three 2018, 961 $182.17. first three 2017, 5,084 $151.63. Employee Stock Purchase Plan Fair Value Determinations During the three November 30, 2017, 19,589 $134.39 16,496 $136.14 three November 30, 2017 2016, $0.5 The weighted average estimated fair value for the ESPP was calculated using the Black-Scholes model with the following assumptions: Three months ended November 30, 2017 2016 Risk-free interest rate 1.11 % 0.35 % Expected life (months) 3 3 Expected volatility 7.97 % 10.3 % Dividend yield 1.42 % 1.11 % Weighted average estimated fair value $ 25.79 $ 30.32 Accuracy of Fair Value Estimates The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards. The Company ’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not no |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 5 . INCOME TAXES Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. Provision for Income Taxes The provision for income ta xes is as follows: Three months ended November 30, (in thousands) 2017 2016 Income before income taxes $ 86,179 $ 89,820 Total provision for income taxes $ 15,800 $ 23,237 Effective tax rate 18.3 % 25.9 % FactSet ’s effective tax rate is based on recurring factors and nonrecurring events, including the taxation of foreign income. The Company’s effective tax rate will vary based on, among other things, changes in levels of foreign income, as well as discrete and other nonrecurring events that may not 35.0% $4.1 $1.5 Deferred Tax Assets and Liabilities The significant components of deferred tax assets that are recorded in the Consolidated Balance Sheets were as follows: (in thousands) November 30, 2017 August 31, 2017 Deferred tax assets: Receivable reserve $ 913 $ 811 Depreciation on property, equipment and leasehold improvements 3,235 2,220 Deferred rent 11,452 11,615 Stock-based compensation 19,447 20,117 Purchased intangible assets, including acquired technology (33,376 ) (32,742 ) Other 5,304 8,059 Total deferred tax assets $ 6,975 $ 10,080 The significant components of deferred tax liabilities that are recorded in the Consolidated Balance Sheets were as follows : (in thousands) November 30, 2017 August 31, 2017 Deferred tax liabilities: Stock-based compensation $ (840 ) $ (815 ) Depreciation on property, equipment and leasehold improvements 531 168 Purchased intangible assets, including acquired technology 25,569 26,231 Other (232 ) 1,690 Total deferred tax liabilities $ 25,028 $ 27,274 No November 30, 2017, not no may may not may Unrecognized Tax Positions Applicable accounting guidance prescribes a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. A company can recognize the financial effect of an income tax position only if it is more likely than not 50% no fifty As of November 30, 2017, $9.5 $1.4 N on-current taxes payable not may 12 no not 12 The following table summarizes the changes in the balance of gross unrecognized tax benefits during the first three 2018: (in thousands) Unrecognized income tax benefits at August 31, 2017 $ 11,484 Additions based on tax positions related to the current year 448 Additions for tax positions of prior years 134 Reductions from settlements with taxing authorities (2,601 ) Unrecognized income tax benefits at November 30, 2017 $ 9,465 In the normal course of business, the Company ’s tax filings are subject to audit by federal, state and foreign tax authorities. At November 30, 2017, Major Tax Jurisdictions Open Tax Years U.S. Federal 201 4 through 2018 State (various) 201 4 through 2018 Europe France 201 4 through 2018 United Kingdom 201 6 through 2018 Germany 2017 through 2018 |
Note 16 - Long-term Debt
Note 16 - Long-term Debt | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 1 6 . LONG-TERM DEBT FactSet ’s debt obligations consisted of the following: (in thousands) November 30 , 2017 August 31, 2017 2017 Revolving Credit Facility $ 574,666 $ 575,000 Total Outstanding Debt $ 574,666 $ 575,000 On March 17, 2017, “2017 (“PNC”), as the administrative agent and lender. The 2017 $575.0 “2017 may 2017 March 17, 2020. 2017 $225.0 $25.0 1.00%. no In conjunction with FactSet ’s entrance into the 2017 $575.0 2017 2017 All outstanding loan amounts are reported as L ong-term debt November 30, 2017. three November 30, 2017 2016, $3.4 $1.1 November 30, 2017, no 2017 The 2017 2017 2017 November 30, 2017. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 7 . COMMITMENTS AND CONTINGENCIES Commitments represent obligations, such as those for future purchases of goods or services that are not i.e. Lease Commitments At November 30, 2017, 202,000 2018, 1,612,100 November 30, 2017, 469,100 41.0%, August 31, 2017. 2, Properties 10 August 31, 2017. 2031. November 30, 2017 Total minimum rental payments associated with the leases are recorded as rent expense (a component of SG&A November 30, 2017 Years ended August 31, (in thousands) Minimum Lease Payments 2018 (remaining nine months) $ 29,729 2019 36,729 2020 28,669 2021 21,558 2022 20,858 Thereafter 144,761 Total $ 282,304 Rent expense (including operating costs) for al l operating leases amounted to $13.0 $11.4 three November 30, 2017 2016, November 30, 2017 August 31, 2017, $37.3 $37.4 $33.2 $33.5 Approximately $1.9 November 30, 2017. November 30, 2017, Purchase Commitments with Suppliers Purchase obligations represent payments due in future periods in respect of commitments to the Company ’s various data vendors as well as commitments to purchase goods and services such as telecommunication and computer maintenance services. These purchase commitments are agreements that are enforceable and legally binding on FactSet and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. As of August 31, 2017, $81.0 no first three 2018. Contingencies Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance (see Note 1 5 may not no Legal Matters FactSet accrues non income-tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. The Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business, including intellectual property litigation. Based on information available at November 30, 2017, not Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, FactSet has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at FactSet ’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not no may Concentrations of Credit Risk Cash equivalents Cash and cash equivalents are maintained primarily with five may may Accounts Receivable Accounts receivable are unsecured and derived from revenues earned from clients located around the globe. FactSet does not No 10% November 30, 2017, 7% ten not 20% August 31, 2017. November 30, 2017, $2.9 $2.7 August 31, 2017 . Derivative Instruments As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company ’s derivative liabilities, when applicable. FactSet calculates credit risk from observable data related to CDS as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 8 . SUBSEQUENT EVENTS Departure of Executive Vice President, Chief Operating Officer On November 14, 2017, December 31, 2017. $427,500 January 11, 2018; ( December 31, 2017; December 31, 2017. In addition, the Agreement provides for a release of claims by Mr. Hale and the Company and other terms and conditions customary for agreements of this nature. The foregoing description of the Separation Agreement is a summary only and is qualified in its entirety by reference to the full text of the Separation Agreement which is attached hereto as Exhibit 10.1 10 Recently Enacted Tax Reform Bill On December 22, 2017, , including the reduction of the corporate income statutory tax rate from 35% 21% January 1, 2018 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Nov. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards or Updates Recently Adopted Balance Sheet Classification of Deferred Taxes During the first 2018, November 2015 standard update is a change to the balance sheet presentation only. The changes have been applied prospectively as permitted by the standard and prior periods have not Share-Based Payments During the first 2018, March 2016, s. This accounting standard update will increase the volatility within the Company’s provision for income taxes as all excess tax benefits or deficiencies related to share-based payments, that were previously reported within equity, are now recognized in the consolidated statement of income. In addition, this standard changes the classification of excess tax benefits presented in the Company's consolidated statements of cash flows from a financing activity to an operating activity, which has be applied on a prospective basis as permitted by the standard and prior periods have not $4.1 first 2018. $0.09 three November 30, 2017. not Recent Accounting Standards or Updates Not Revenue Recognition In May 2014 July 2015, , which provide clarified principles for recognizing revenue arising from contracts with clients and supersede most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These accounting standard updates will be effective for FactSet beginning in the first 2019, 2018 September 1, 2018 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, ing standard update significantly revises an entity’s accounting related to the presentation of certain fair value changes for financial liabilities measured at fair value. This guidance also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance will be effective for FactSet beginning in the first 2019. Leases In February 2016, ’s new revenue recognition standard. The guidance also eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. This accounting standard update will be effective for FactSet beginning in the first 2020, 2019 Share-Based Payments In May 2017, not first 2019, Cash Flow Simplification In August 2016, update, which simplifies how certain transactions are classified in the statement of cash flows. This includes revised guidance on the cash flow classification of debt prepayments and debt extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investments. The guidance is intended to reduce diversity in practice across all industries. This accounting standard update will be effective for FactSet beginning in the first 2019. Income Taxes on Intra-Entity Transfer s of Asset s In October 2016, update, which removes the prohibition against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The guidance is intended to reduce diversity in practice related to the tax consequences of certain types of intra-entity asset transfers, particularly those involving intellectual property. This accounting standard update will be effective for FactSet beginning in the first 2019. Goodwill Impairment Test In January 2017, , which removes the requirement for companies to compare the implied fair value of goodwill with its carrying amount as part of step 2 not first 2021, January 1, 2017. Hedge Accounting Simplification In August 2017, first 2020, |
Note 4 - Fair Value Measures (T
Note 4 - Fair Value Measures (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at November 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 47,741 $ — $ — $ 47,741 Mutual f unds (2) — 20,475 — 20,475 Certificates of deposit ( 3 ) — 11,202 — 11,202 Derivative instruments (4 ) — 5,375 — 5,375 Total assets measured at fair value $ 47,741 $ 37,052 $ — $ 84,793 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — Fair Value Measurements at August 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 26,677 $ — $ — $ 26,677 Mutual Funds (2) — 18,364 — 18,364 Certificates of deposit (3) — 14,080 — 14,080 Derivative instruments (4) — 6,142 — 6,142 Total assets measured at fair value $ 26,677 $ 38,586 $ — $ 65,263 Liabilities Derivative instruments (4) $ — $ — $ — $ — Total liabilities measured at fair value $ — $ — $ — $ — |
Note 5 - Derivative Instrumen27
Note 5 - Derivative Instruments (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | (in thousands) Gross Notional Value Fair Value (Liability) Asset Currency Hedged (in U.S. dollars) November 30, 2017 August 31, 2017 November 30, 2017 August 31, 2017 Indian Rupee 43,860 51,000 5,375 6,142 Total $ 43,860 $ 51,000 $ 5,375 $ 6,142 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (in thousands) Designation of Derivatives Balance Sheet Location November 30, 2017 August 31, 2017 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 3,943 $ 3,796 Other assets $ 1,432 $ 2,346 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ — $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Loss Recognized in AOCL on Derivatives Location of Loss Reclassified from AOCL into Income Gain ( Loss) Reclassified Derivatives in Cash Flow Hedging Relationships 2017 2016 2017 2016 Foreign currency forward contracts $ (1 ) $ (649 ) SG&A $ 763 $ (1,357 ) |
Note 6 - Other Comprehensive 28
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | November 30, 2017 November 30, 2016 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 8,466 $ 8,466 $ (11,497 ) $ (11,497 ) Realized (gain) loss on cash flow hedges reclassified to earnings (1) (763 ) (476 ) 1,357 857 Unrealized (loss) gain on cash flow hedges recognized in AOCL (1 ) — (649 ) (410 ) Other comprehensive income (loss) $ 7,702 $ 7,990 $ (10,789 ) $ (11,050 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) November 30, 2017 August 31, 2017 Accumulated unrealized gains on cash flow hedges, net of tax $ 3,326 $ 3,802 Accumulated foreign currency translation adjustments (30,056 ) (38,522 ) Total accumulated other comprehensive loss $ (26,730 ) $ (34,720 ) |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) For the three months ended November 30, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 208,768 $ 91,727 $ 28,646 $ 329,141 Segment operating profit 40,771 32,970 15,357 89,098 Total assets 719,491 603,848 107,263 1,430,602 Capital expenditures 3,545 1,524 843 5,912 For the three months ended November 30, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 190,627 $ 71,863 $ 25,573 $ 288,063 Segment operating profit 40,005 36,584 13,730 90,319 Total assets 698,328 262,523 85,314 1,046,165 Capital expenditures 11,125 491 921 12,537 |
Note 8 - Business Combinations
Note 8 - Business Combinations (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (i n thousands ) Tangible assets acquired $ 27,583 Amortizable intangible assets Software technology 18,261 Client relationships 37,597 Trade name 741 Goodwill 173,898 Total assets acquired $ 258,080 Liabilities assumed (40,443 ) Net assets acquired $ 217,637 (i n thousands ) Tangible assets acquired $ 7,916 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 51,157 Total assets acquired $ 77,320 Liabilities assumed (9,434 ) Net assets acquired $ 67,886 |
Note 9 - Goodwill (Tables)
Note 9 - Goodwill (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (i n thousands ) U.S. Europe Asia Pacific Total Balance at August 31, 2017 $ 386,835 $ 317,759 $ 2,966 $ 707,560 Foreign currency translations — 5,390 (49 ) 5,341 Other adjustments (107 ) (318 ) — (425 ) Balance at November 30, 2017 $ 386,728 $ 322,831 $ 2,917 $ 712,476 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At November 30, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 35,039 $ 19,890 $ 15,149 Client relationships 100,375 24,341 76,034 Software technology 106,610 34,362 72,248 Non-compete agreements 4,875 1,750 3,125 Trade names 4,113 1,795 2,318 Total $ 251,012 $ 82,138 $ 168,874 At August 31, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,116 $ 18,899 $ 15,217 Client relationships 99,779 22,339 77,440 Software technology 105,963 30,889 75,074 Non-compete agreements 4,833 1,518 3,315 Trade names 4,080 1,583 2,497 Total $ 248,771 $ 75,228 $ 173,543 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year (in thousands) Estimated Amortization Expense 2018 (remaining nine months) $ 18,533 2019 23,838 2020 23,120 2021 21,589 2022 19,259 Thereafter 62,535 Total $ 168,874 |
Note 11 - Common Stock and Ea33
Note 11 - Common Stock and Earnings Per Share (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Three Months ended November 30, (i n thousands) 2017 2016 Balance at September 1 39,023 40,038 Common stock issued for employee stock plans 256 310 Repurchase of common stock from employees (1) (4 ) (36 ) Repurchase of common stock under the share repurchase program (165 ) (505 ) Repurchase of common stock under accelerated share repurchase agreement — (103 ) (2) Balance at November 30, 201 7 and 2016, respectively 39,110 39,704 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended November 30, 2017 Basic EPS Income available to common stockholders $ 70,379 39,085 $ 1.80 Diluted EPS Dilutive effect of stock options and restricted stock 595 Income available to common stockholders plus assumed conversions $ 70,379 39,680 $ 1.77 For the three months ended November 30, 2016 Basic EPS Income available to common stockholders $ 66,583 39,827 $ 1.67 Diluted EPS Dilutive effect of stock options and restricted stock 273 Income available to common stockholders plus assumed conversions $ 66,583 40,100 $ 1.66 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Dividends Per Share of Type Record Date Total $ Amount (in thousands) Payment Date November 8, 2017 $ 0.56 Regular (cash) November 30, 2017 $ 21,902 December 19, 2017 August 10, 2017 $ 0.56 Regular (cash) August 31, 2017 $ 21,853 September 19, 2017 May 5, 2017 $ 0.56 Regular (cash) May 31, 2017 $ 21,951 June 20, 2017 February 6, 2017 $ 0.50 Regular (cash) February 28, 2017 $ 19,709 March 21, 2017 November 10, 2016 $ 0.50 Regular (cash) November 30, 2016 $ 19,852 December 20, 2016 August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 |
Note 13 - Employee Stock Opti35
Note 13 - Employee Stock Option and Retirement Plans (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | (in thousands, except per share data) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2017 3,366 $ 139.29 Granted – nonperformance-based 554 $ 189.98 Exercised (226 ) $ 104.90 Forfeited (25 ) $ 133.89 Balance at November 30, 201 7 3,669 $ 149.09 |
Schedule of Share-based Compensation Vesting Percentage and Related Expenses [Table Text Block] | Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (844 ) — 10% $ (633 ) $ 89 40% (current expectation) $ — $ 356 70% $ 633 $ 623 100% $ 1,266 $ 891 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 100% $ 473 $ 2,232 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) $ — $ — 80% $ 592 $ 6,515 90% $ 666 $ 7,329 100% $ 740 $ 8,144 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2017 182 $ 138.62 Granted 1 $ 182.17 Forfeited (10 ) $ 114.37 Vested (1) (11 ) $ 157.37 Balance at November 30, 2017 162 $ 139.12 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (in thousands) Share-based Awards Available for Grant under the Employee Option Plan Share-based Awards Available for Grant under the Non-Employee Directors Plan Balance at August 31, 2017 897 42 Granted – nonperformance-based options (554 ) — Granted – performance-based options — — Granted – restricted stock awards (1) (2 ) — Share-based awards canceled/forfeited (2) 51 — Balance at November 30, 2017 392 42 |
Note 14 - Stock-based Compens36
Note 14 - Stock-based Compensation (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended November 30, 2017 2016 Term structure of risk-free interest rate 1.28% - 2.41% 0.07% - 2.09% Expected life (years) 7.4 7.4 Term structure of volatility 19% - 29% 21% - 30% Dividend yield 1.32% 1.18% Weighted average estimated fair value $48.27 $39.60 Weighted average exercise price $189.98 $152.51 Fair value as a percentage of exercise price 25.4% 26.0% |
The 2008 Employee Stock Purchase Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended November 30, 2017 2016 Risk-free interest rate 1.11 % 0.35 % Expected life (months) 3 3 Expected volatility 7.97 % 10.3 % Dividend yield 1.42 % 1.11 % Weighted average estimated fair value $ 25.79 $ 30.32 |
Non Employee Directors Stock Option Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 1. 95 % Expected life (years) 5.4 Expected volatility 22.7 % Dividend yield 1.24 % |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Three months ended November 30, (in thousands) 2017 2016 Income before income taxes $ 86,179 $ 89,820 Total provision for income taxes $ 15,800 $ 23,237 Effective tax rate 18.3 % 25.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) November 30, 2017 August 31, 2017 Deferred tax assets: Receivable reserve $ 913 $ 811 Depreciation on property, equipment and leasehold improvements 3,235 2,220 Deferred rent 11,452 11,615 Stock-based compensation 19,447 20,117 Purchased intangible assets, including acquired technology (33,376 ) (32,742 ) Other 5,304 8,059 Total deferred tax assets $ 6,975 $ 10,080 (in thousands) November 30, 2017 August 31, 2017 Deferred tax liabilities: Stock-based compensation $ (840 ) $ (815 ) Depreciation on property, equipment and leasehold improvements 531 168 Purchased intangible assets, including acquired technology 25,569 26,231 Other (232 ) 1,690 Total deferred tax liabilities $ 25,028 $ 27,274 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Unrecognized income tax benefits at August 31, 2017 $ 11,484 Additions based on tax positions related to the current year 448 Additions for tax positions of prior years 134 Reductions from settlements with taxing authorities (2,601 ) Unrecognized income tax benefits at November 30, 2017 $ 9,465 |
Summary of Income Tax Examinations [Table Text Block] | Major Tax Jurisdictions Open Tax Years U.S. Federal 201 4 through 2018 State (various) 201 4 through 2018 Europe France 201 4 through 2018 United Kingdom 201 6 through 2018 Germany 2017 through 2018 |
Note 16 - Long-term Debt (Table
Note 16 - Long-term Debt (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) November 30 , 2017 August 31, 2017 2017 Revolving Credit Facility $ 574,666 $ 575,000 Total Outstanding Debt $ 574,666 $ 575,000 |
Note 17 - Commitments and Con39
Note 17 - Commitments and Contingencies (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ended August 31, (in thousands) Minimum Lease Payments 2018 (remaining nine months) $ 29,729 2019 36,729 2020 28,669 2021 21,558 2022 20,858 Thereafter 144,761 Total $ 282,304 |
Note 3 - Recent Accounting Pr40
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 15 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2018 | |
Income Tax Expense (Benefit) | $ 15,800 | $ 23,237 | |
Earnings Per Share, Diluted | $ 1.77 | $ 1.66 | |
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | $ (4,100) | ||
Earnings Per Share, Diluted | $ 0.09 | ||
Accounting Standards Update 2016-09 [Member] | Scenario, Forecast [Member] | |||
Earnings Per Share, Diluted | $ 0 |
Note 4 - Fair Value Measures (D
Note 4 - Fair Value Measures (Details Textual) $ in Millions | Nov. 30, 2017USD ($) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Long-term Debt, Fair Value | $ 575 |
Note 4 - Fair Value Measures -
Note 4 - Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 | |
Derivative instruments | [1] | $ 5,375 | $ 6,142 |
Total assets measured at fair value | 84,793 | 65,263 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Money Market Funds [Member] | |||
Corporate money market funds | [2] | 47,741 | 26,677 |
Mutual Funds [Member] | |||
Mutual funds | [3] | 20,475 | 18,364 |
Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | 11,202 | 14,080 |
Fair Value, Inputs, Level 1 [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | 47,741 | 26,677 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | 47,741 | 26,677 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative instruments | [1] | 5,375 | 6,142 |
Total assets measured at fair value | 37,052 | 38,586 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | 20,475 | 18,364 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | 11,202 | 14,080 |
Fair Value, Inputs, Level 3 [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | |||
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | |||
Mutual funds | [3] | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | |||
Certificates of deposit | [4] | ||
[1] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign currency forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore, are classified as Level 2. | ||
[2] | The Company's corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company's corporate money market funds are classified as Level 1 and included in cash and cash equivalents on the Consolidated Balance Sheets. | ||
[3] | The Company's mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds allocated to each share of the mutual fund using a net asset value approach. The fair value of the underlying investments is based on observable inputs. As such, the Company’s mutual funds are classified as Level 2 and are classified as investments (short-term) on the Consolidated Balance Sheets. | ||
[4] | The Company's certificates of deposit held for investment are not debt securities and are classified as Level 2. These certificates of deposit have original maturities greater than three months, but less than one year and, as such, are classified as investments (short-term) on the Consolidated Balance Sheets. |
Note 5 - Derivative Instrumen43
Note 5 - Derivative Instruments (Details Textual) $ in Thousands, ₨ in Billions | 3 Months Ended | ||
Nov. 30, 2017USD ($) | Nov. 30, 2017INR (₨) | Aug. 31, 2017USD ($) | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | $ 43,860 | ₨ 3.3 | $ 51,000 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 3,900 | ||
India, Rupees | |||
Percent of Foreign Exchange Contracts Hedged | 75.00% | ||
India, Rupees | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | $ 43,860 | $ 51,000 |
Note 5 - Derivative Instrumen44
Note 5 - Derivative Instruments - Hedging Positions and Corresponding Fair Values (Details) - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] $ in Thousands, ₨ in Billions | Nov. 30, 2017USD ($) | Nov. 30, 2017INR (₨) | Aug. 31, 2017USD ($) |
Gross Notional Value | $ 43,860 | ₨ 3.3 | $ 51,000 |
Fair Value Asset (Liability) | 5,375 | 6,142 | |
India, Rupees | |||
Gross Notional Value | 43,860 | 51,000 | |
Fair Value Asset (Liability) | $ 5,375 | $ 6,142 |
Note 5 - Derivative Instrumen45
Note 5 - Derivative Instruments - Fair Value Amounts of Derivative Instruments and Gains (Details) - Foreign Exchange Contract [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative assets | $ 3,943 | $ 3,796 |
Other Assets [Member] | ||
Derivative assets | 1,432 | 2,346 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative liabilities |
Note 5 - Derivative Instrumen46
Note 5 - Derivative Instruments - Derivatives in Cash Flow Hedging Relationships (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Foreign currency forward contracts | $ (1) | $ (649) |
Foreign currency forward contracts | $ 763 | $ (1,357) |
Note 6 - Other Comprehensive 47
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | ||
Foreign currency translation adjustments | $ 8,466 | $ (11,497) | |
Foreign currency translation adjustments | 8,466 | (11,497) | |
Realized loss (gain) on cash flow hedges reclassified to earnings, pre-tax | [1] | (763) | 1,357 |
Realized loss (gain) on cash flow hedges reclassified to earnings | [1] | (476) | 857 |
Unrealized gain (loss) on cash flow hedges recognized in AOCL, pre-tax | (1) | (649) | |
Unrealized (loss) gain on cash flow hedges recognized in AOCL | (410) | ||
Other comprehensive income (loss), pre-tax | 7,702 | (10,789) | |
Other comprehensive income (loss) | $ 7,990 | $ (11,050) | |
[1] | Reclassified to Selling, General and Administrative Expenses |
Note 6 - Other Comprehensive 48
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Accumulated unrealized gains on cash flow hedges, net of tax | $ 3,326 | $ 3,802 |
Accumulated foreign currency translation adjustments | (30,056) | (38,522) |
Total accumulated other comprehensive loss | $ (26,730) | $ (34,720) |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Goodwill | $ 712,476 | $ 707,560 |
UNITED STATES | ||
Goodwill | $ 386,728 | 386,835 |
Goodwill Percentage Per Segment | 54.00% | |
Europe [Member] | ||
Goodwill | $ 322,831 | 317,759 |
Goodwill Percentage Per Segment | 45.00% | |
Asia Pacific [Member] | ||
Goodwill | $ 2,917 | $ 2,966 |
Goodwill Percentage Per Segment | 1.00% |
Note 7 - Segment Information -
Note 7 - Segment Information - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Aug. 31, 2017 | |
Revenues from clients | $ 329,141 | $ 288,063 | |
Segment operating profit | 89,098 | 90,319 | |
Total assets | 1,430,602 | 1,046,165 | $ 1,413,315 |
Capital expenditures | 5,912 | 12,537 | |
UNITED STATES | |||
Revenues from clients | 208,768 | 190,627 | |
Segment operating profit | 40,771 | 40,005 | |
Total assets | 719,491 | 698,328 | |
Capital expenditures | 3,545 | 11,125 | |
Europe [Member] | |||
Revenues from clients | 91,727 | 71,863 | |
Segment operating profit | 32,970 | 36,584 | |
Total assets | 603,848 | 262,523 | |
Capital expenditures | 1,524 | 491 | |
Asia Pacific [Member] | |||
Revenues from clients | 28,646 | 25,573 | |
Segment operating profit | 15,357 | 13,730 | |
Total assets | 107,263 | 85,314 | |
Capital expenditures | $ 843 | $ 921 |
Note 8 - Business Combination51
Note 8 - Business Combinations (Details Textual) $ in Millions | Mar. 17, 2017USD ($) | Nov. 08, 2016USD ($) | Aug. 31, 2017USD ($) |
BI-SAM Technologies [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||
BI-SAM Technologies [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
BI-SAM Technologies [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
BI-SAM Technologies [Member] | Selling, General and Administrative Expenses [Member] | |||
Business Combination, Acquisition Related Costs | $ 3.2 | ||
Vermilion Holdings Limited [Member] | |||
Business Combination, Consideration Transferred | $ 67.9 | ||
Vermilion Holdings Limited [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Vermilion Holdings Limited [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Vermilion Holdings Limited [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Vermilion Holdings Limited [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Vermilion Holdings Limited [Member] | Selling, General and Administrative Expenses [Member] | |||
Business Combination, Acquisition Related Costs | $ 0.7 | ||
BI-SAM Technologies [Member] | |||
Business Combination, Consideration Transferred | $ 217.6 | ||
Finite-lived Intangible Assets Acquired | 56.6 | ||
Goodwill, Acquired During Period | $ 173.9 | ||
BI-SAM Technologies [Member] | Minimum [Member] | |||
Entity Number of Employees | 160 | ||
Vermilion Holdings Limited [Member] | |||
Entity Number of Employees | 59 | ||
Finite-lived Intangible Assets Acquired | $ 18.2 | ||
Goodwill, Acquired During Period | $ 51.2 |
Note 8 - Business Combination52
Note 8 - Business Combinations - Business Acquired (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 | Mar. 17, 2017 | Nov. 08, 2016 |
Goodwill | $ 712,476 | $ 707,560 | ||
BI-SAM Technologies [Member] | ||||
Tangible assets acquired | $ 27,583 | |||
Goodwill | 173,898 | |||
Total assets acquired | 258,080 | |||
Liabilities assumed | (40,443) | |||
Net assets acquired | 217,637 | |||
BI-SAM Technologies [Member] | Computer Software, Intangible Asset [Member] | ||||
Amortizable intangible assets | 18,261 | |||
BI-SAM Technologies [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets | 37,597 | |||
BI-SAM Technologies [Member] | Trade Names [Member] | ||||
Amortizable intangible assets | $ 741 | |||
Vermilion Holdings Limited [Member] | ||||
Tangible assets acquired | $ 7,916 | |||
Goodwill | 51,157 | |||
Total assets acquired | 77,320 | |||
Liabilities assumed | (9,434) | |||
Net assets acquired | 67,886 | |||
Vermilion Holdings Limited [Member] | Computer Software, Intangible Asset [Member] | ||||
Amortizable intangible assets | 10,916 | |||
Vermilion Holdings Limited [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets | 5,954 | |||
Vermilion Holdings Limited [Member] | Trade Names [Member] | ||||
Amortizable intangible assets | 571 | |||
Vermilion Holdings Limited [Member] | Noncompete Agreements [Member] | ||||
Amortizable intangible assets | $ 806 |
Note 9 - Goodwill (Details Text
Note 9 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended |
Nov. 30, 2017USD ($) | |
Number of Reporting Units | 3 |
Goodwill, Impairment Loss | $ 0 |
Note 9 - Goodwill - Changes in
Note 9 - Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Thousands | 3 Months Ended |
Nov. 30, 2017USD ($) | |
Begining Balance | $ 707,560 |
Foreign currency translations | 5,341 |
Other adjustments | (425) |
Ending Balance | 712,476 |
UNITED STATES | |
Begining Balance | 386,835 |
Foreign currency translations | |
Other adjustments | (107) |
Ending Balance | 386,728 |
Europe [Member] | |
Begining Balance | 317,759 |
Foreign currency translations | 5,390 |
Other adjustments | (318) |
Ending Balance | 322,831 |
Asia Pacific [Member] | |
Begining Balance | 2,966 |
Foreign currency translations | (49) |
Other adjustments | |
Ending Balance | $ 2,917 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years 182 days | |
Amortization of Intangible Assets | $ 6,200 | $ 3,800 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
Note 10 - Intangible Assets - I
Note 10 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Gross Carrying Amount | $ 251,012 | $ 248,771 |
Accumulated Amortization | 82,138 | 75,228 |
Net Carrying Amount | 168,874 | 173,543 |
Data Content [Member] | ||
Gross Carrying Amount | 35,039 | 34,116 |
Accumulated Amortization | 19,890 | 18,899 |
Net Carrying Amount | 15,149 | 15,217 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 100,375 | 99,779 |
Accumulated Amortization | 24,341 | 22,339 |
Net Carrying Amount | 76,034 | 77,440 |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | 106,610 | 105,963 |
Accumulated Amortization | 34,362 | 30,889 |
Net Carrying Amount | 72,248 | 75,074 |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | 4,875 | 4,833 |
Accumulated Amortization | 1,750 | 1,518 |
Net Carrying Amount | 3,125 | 3,315 |
Trade Names [Member] | ||
Gross Carrying Amount | 4,113 | 4,080 |
Accumulated Amortization | 1,795 | 1,583 |
Net Carrying Amount | $ 2,318 | $ 2,497 |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Nov. 30, 2017USD ($) |
2018 (remaining nine months) | $ 18,533 |
2,019 | 23,838 |
2,020 | 23,120 |
2,021 | 21,589 |
2,022 | 19,259 |
Thereafter | 62,535 |
Total | $ 168,874 |
Note 11 - Common Stock and Ea58
Note 11 - Common Stock and Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 19, 2017 | Nov. 08, 2017 | Aug. 10, 2017 | May 05, 2017 | Feb. 06, 2017 | Nov. 10, 2016 | Aug. 05, 2016 | Nov. 30, 2017 | Nov. 30, 2016 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.56 | |||||||||
Dividends, Cash | $ 21,902 | $ 21,853 | $ 21,951 | $ 19,709 | $ 19,852 | $ 20,019 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 4,220 | 34,639 | ||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 800 | $ 5,300 | ||||||||
Treasury Stock, Shares, Acquired | 164,920 | 505,000 | ||||||||
Employee Stock Option [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 552,389 | 621,503 | ||||||||
Performance Shares [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 332,338 | 756,994 | ||||||||
ASR Agreement [Member] | ||||||||||
Treasury Stock, Shares, Acquired | [1] | 102,916 | ||||||||
Subsequent Event [Member] | ||||||||||
Dividends, Cash | $ 21,900 | |||||||||
Per Annum [Member] | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 2.24 | |||||||||
[1] | On July 1, 2016, FactSet entered into an accelerated share repurchase agreement (the "ASR Agreement") to purchase FactSet common stock. The final settlement of the ASR Agreement occurred in the first quarter of fiscal 2017, with FactSet receiving an additional 102,916 shares of its common stock. |
Note 11 - Common Stock and Ea59
Note 11 - Common Stock and Earnings Per Share - Shares of Common Stock Outstanding (Details) - shares | 3 Months Ended | |||
Nov. 30, 2017 | Nov. 30, 2016 | |||
Balance (in shares) | 39,023,032 | 40,038,000 | ||
Common stock issued for employee stock plans (in shares) | 256,000 | 310,000 | ||
Repurchase of common stock (in shares) | (164,920) | (505,000) | ||
Balance (in shares) | 39,110,080 | 39,704,000 | ||
Repurchase of Common Stock from Employees [Member] | ||||
Repurchase of common stock (in shares) | [1] | (4,000) | (36,000) | |
Share Repurchase Program [Member] | ||||
Repurchase of common stock (in shares) | (165,000) | (505,000) | ||
ASR Agreement [Member] | ||||
Repurchase of common stock (in shares) | [2] | (102,916) | ||
[1] | For the three months ended November 30, 2017 and 2016, the Company repurchased 4,220 and 34,639 shares, or $0.8 million and $5.3 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. | |||
[2] | On July 1, 2016, FactSet entered into an accelerated share repurchase agreement (the "ASR Agreement") to purchase FactSet common stock. The final settlement of the ASR Agreement occurred in the first quarter of fiscal 2017, with FactSet receiving an additional 102,916 shares of its common stock. |
Note 11 - Common Stock and Ea60
Note 11 - Common Stock and Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Income available to common stockholders, net income (numerator) | $ 70,379 | $ 66,583 |
Basic weighted average common shares (in shares) | 39,085 | 39,827 |
Basic earnings per common share (in dollars per share) | $ 1.80 | $ 1.67 |
Dilutive effect of stock options and restricted stock, weighted average common share (denominator) (in shares) | 595 | 273 |
Income available to common stockholders plus assumed conversions, net income (numerator) | $ 70,379 | $ 66,583 |
Diluted weighted average common shares (in shares) | 39,680 | 40,100 |
Diluted earnings per common share (in dollars per share) | $ 1.77 | $ 1.66 |
Note 12 - Stockholders' Equit61
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Nov. 30, 2017 | Nov. 30, 2016 | Aug. 31, 2017 | Aug. 31, 2016 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Preferred Stock, Shares Issued | 0 | 0 | ||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Common Stock, Shares, Issued | 52,101,426 | 51,845,132 | ||
Treasury Stock, Shares | 12,991,346 | 12,822,100 | ||
Common Stock, Shares, Outstanding | 39,110,080 | 39,704,000 | 39,023,032 | 40,038,000 |
Treasury Stock, Shares, Acquired | 164,920 | 505,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 30.9 | $ 79.3 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 213.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 11,278 | 94,877 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 4,220 | 34,639 | ||
Preferred Stock, Shares Outstanding | 0 | 0 |
Note 12 - Stockholders' Equit62
Note 12 - Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 08, 2017 | Aug. 10, 2017 | May 05, 2017 | Feb. 06, 2017 | Nov. 10, 2016 | Aug. 05, 2016 |
Dividends Per Share of Common Stock (in dollars per share) | $ 0.56 | $ 0.56 | $ 0.56 | $ 0.50 | $ 0.50 | $ 0.50 |
Record Date | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 |
Total $ Amount | $ 21,902 | $ 21,853 | $ 21,951 | $ 19,709 | $ 19,852 | $ 20,019 |
Payment Date | Dec. 19, 2017 | Sep. 19, 2017 | Jun. 20, 2017 | Mar. 21, 2017 | Dec. 20, 2016 | Sep. 20, 2016 |
Note 13 - Employee Stock Opti63
Note 13 - Employee Stock Option and Retirement Plans (Details Textual) - USD ($) | Oct. 16, 2015 | Oct. 23, 2009 | Jun. 30, 2017 | Jan. 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | Feb. 28, 2016 | Feb. 28, 2015 | Aug. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 554,000 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 189.98 | $ 152.51 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,669,000 | 3,366,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 149.09 | $ 139.29 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 92,500,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days | |||||||||
Share Price | $ 199.88 | $ 157.18 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 11,278 | 94,877 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Contribution Limit | $ 25,000 | |||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 19,589 | 16,496 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 134.39 | $ 136.14 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 313,583 | |||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | |||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||||||||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period | 5 years | |||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,800,000 | $ 1,900,000 | ||||||||
The 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 18,000,000 | $ 16,400,000 | ||||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 152.51 | |||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 553,942 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 189.98 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,669,181 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 149.09 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 75,100,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 292 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,300,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 121.40 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 102,300,000 | $ 49,700,000 | ||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 22,460 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 600,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 137,522 | |||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | 70.00% | ||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 400,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 10.00% | |||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,744 | |||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 0.00% | ||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 100.00% | ||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 206,417 | |||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 0.00% | ||||||||
Performance Shares [Member] | BI-SAM Technologies [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 80.00% | ||||||||
Performance Shares, Additional Granted [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 961 | 5,084 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 182.17 | $ 151.63 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 162,000 | 182,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | [1] | 11,000 | ||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 17,500,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 961 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 182.17 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 161,527 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 11,278 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share Equivalent | 2.5 | |||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,765 | |||||||||
Other Restricted Stock Awards [Member] | The 2004 Stock Option and Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,513 | |||||||||
[1] | Of the 11,278 restricted stock awards that vested during the first quarter of fiscal 2018, 9,765 related to the second tranche (20%) of awards granted on October 16, 2015. These awards vest 20% per year on the anniversary date of the award. The remaining 1,513 awards vested related to other grants. |
Note 13 - Employee Stock Opti64
Note 13 - Employee Stock Option and Retirement Plans - Summary of Stock Option Activity (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Balance (in shares) | 3,366 | |
Balance (in dollars per share) | $ 139.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 554 | |
Granted (in dollars per share) | $ 189.98 | $ 152.51 |
Exercised (in shares) | (226) | |
Exercised (in dollars per share) | $ 104.90 | |
Forfeited (in shares) | (25) | |
Forfeited (in dollars per share) | $ 133.89 | |
Balance (in shares) | 3,669 | |
Balance (in dollars per share) | $ 149.09 |
Note 13 - Employee Stock Opti65
Note 13 - Employee Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) - Performance Shares [Member] | 3 Months Ended | |
Nov. 30, 2017USD ($) | ||
Share-based Compensation Award, Tranche One [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | $ (844,000) | [1] |
Remaining Expense to be Recognized | ||
Share-based Compensation Award, Tranche One [Member] | Vermilion Holdings Limited [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Share-based Compensation Award, Tranche One [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Share-based Compensation Award, Tranche Two [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | (633,000) | [1] |
Remaining Expense to be Recognized | 89,000 | |
Share-based Compensation Award, Tranche Two [Member] | Vermilion Holdings Limited [Member] | ||
Cumulative Catch-up Adjustment | 473,000 | [1] |
Remaining Expense to be Recognized | 2,232,000 | |
Share-based Compensation Award, Tranche Two [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | 592 | [1] |
Remaining Expense to be Recognized | 6,515 | |
Share-based Compensation Award, Tranche Three [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | 356,000 | |
Share-based Compensation Award, Tranche Three [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | 666 | [1] |
Remaining Expense to be Recognized | 7,329 | |
Share-based Compensation Award, Tranche Four [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | 633,000 | [1] |
Remaining Expense to be Recognized | 623,000 | |
Share-based Compensation Award, Tranche Four [Member] | BI-SAM Technologies [Member] | ||
Cumulative Catch-up Adjustment | 740 | [1] |
Remaining Expense to be Recognized | 8,144 | |
Share-based Compensation Award, Tranche Five [Member] | Code Red, Inc. [Member] | ||
Cumulative Catch-up Adjustment | 1,266,000 | [1] |
Remaining Expense to be Recognized | $ 891,000 | |
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of November 30, 2017. |
Note 13 - Employee Stock Opti66
Note 13 - Employee Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) (Parentheticals) - Performance Shares [Member] | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2017 | Jan. 31, 2017 | Nov. 30, 2017 | Feb. 28, 2015 | |
Share-based Compensation Award, Tranche One [Member] | Code Red, Inc. [Member] | ||||
Vesting percentage | 0.00% | 70.00% | ||
Share-based Compensation Award, Tranche One [Member] | Vermilion Holdings Limited [Member] | ||||
Vesting percentage | 40.00% | 0.00% | ||
Share-based Compensation Award, Tranche One [Member] | BI-SAM Technologies [Member] | ||||
Vesting percentage | 40.00% | 0.00% | ||
Share-based Compensation Award, Tranche Two [Member] | Code Red, Inc. [Member] | ||||
Vesting percentage | 10.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Vermilion Holdings Limited [Member] | ||||
Vesting percentage | 20.00% | 100.00% | ||
Share-based Compensation Award, Tranche Two [Member] | BI-SAM Technologies [Member] | ||||
Vesting percentage | 20.00% | 80.00% | ||
Share-based Compensation Award, Tranche Three [Member] | Code Red, Inc. [Member] | ||||
Vesting percentage | 40.00% | |||
Share-based Compensation Award, Tranche Three [Member] | BI-SAM Technologies [Member] | ||||
Vesting percentage | 90.00% | |||
Share-based Compensation Award, Tranche Four [Member] | Code Red, Inc. [Member] | ||||
Vesting percentage | 70.00% | |||
Share-based Compensation Award, Tranche Four [Member] | BI-SAM Technologies [Member] | ||||
Vesting percentage | 100.00% | |||
Share-based Compensation Award, Tranche Five [Member] | Code Red, Inc. [Member] | ||||
Vesting percentage | 100.00% |
Note 13 - Employee Stock Opti67
Note 13 - Employee Stock Option and Retirement Plans - Summary of Restricted Stock Award (Details) - $ / shares | 3 Months Ended | |||
Nov. 30, 2017 | Nov. 30, 2016 | Feb. 28, 2016 | ||
Restricted stock vested (in shares) | (11,278) | (94,877) | ||
Restricted Stock [Member] | ||||
Restricted stock balance (in shares) | 182,000 | |||
Restricted stock balance (in dollars per share) | $ 138.62 | |||
Restricted stock granted (in shares) | 961 | 5,084 | 0 | |
Restricted stock granted (in dollars per share) | $ 182.17 | $ 151.63 | ||
Restricted stock forfeited (in shares) | (10,000) | |||
Restricted stock forfeited (in dollars per share) | $ 114.37 | |||
Restricted stock vested (in shares) | [1] | (11,000) | ||
Restricted stock vested (in dollars per share) | [1] | $ 157.37 | ||
Restricted stock balance (in shares) | 162,000 | |||
Restricted stock balance (in dollars per share) | $ 139.12 | |||
[1] | Of the 11,278 restricted stock awards that vested during the first quarter of fiscal 2018, 9,765 related to the second tranche (20%) of awards granted on October 16, 2015. These awards vest 20% per year on the anniversary date of the award. The remaining 1,513 awards vested related to other grants. |
Note 13 - Employee Stock Opti68
Note 13 - Employee Stock Option and Retirement Plans - Summary of Share-based Awards Available for Grant (Details) shares in Thousands | 3 Months Ended | |
Nov. 30, 2017shares | ||
The 2004 Stock Option and Award Plan [Member] | ||
Balance (in shares) | 897 | |
Share-based awards canceled/forfeited (in shares) | 51 | [1] |
Balance (in shares) | 392 | |
The 2004 Stock Option and Award Plan [Member] | Non Performance Based [Member] | ||
Granted (in shares) | (554) | |
The 2004 Stock Option and Award Plan [Member] | Performance Shares [Member] | ||
Granted (in shares) | ||
The 2004 Stock Option and Award Plan [Member] | Restricted Stock [Member] | ||
Granted (in shares) | (2) | [2] |
Non Employee Directors Stock Option Plan [Member] | ||
Balance (in shares) | 42 | |
Share-based awards canceled/forfeited (in shares) | [1] | |
Balance (in shares) | 42 | |
Non Employee Directors Stock Option Plan [Member] | Non Performance Based [Member] | ||
Granted (in shares) | ||
Non Employee Directors Stock Option Plan [Member] | Performance Shares [Member] | ||
Granted (in shares) | ||
Non Employee Directors Stock Option Plan [Member] | Restricted Stock [Member] | ||
Granted (in shares) | [2] | |
[1] | Under the Company's Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. | |
[2] | Each restricted stock award granted is equivalent to 2.5 shares granted under the Company's Option Plan. |
Note 14 - Stock-based Compens69
Note 14 - Stock-based Compensation (Details Textual) - USD ($) | Jan. 13, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | Feb. 28, 2016 | Aug. 31, 2017 | Aug. 31, 2008 |
Allocated Share-based Compensation Expense | $ 7,500,000 | $ 6,400,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 92,500,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 554,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 189.98 | $ 152.51 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.27 | $ 39.60 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 313,583 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 19,589 | 16,496 | ||||
Non Employee Directors Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 23,846 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.65 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 42,000 | 42,000 | 42,185 | |||
Non Employee Directors Stock Option Plan [Member] | Malcolm Frank [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,104 | |||||
Non Employee Directors Stock Option Plan [Member] | Sheila B. Jordan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,104 | |||||
The 2008 Employee Stock Purchase Plan [Member] | ||||||
Allocated Share-based Compensation Expense | $ 500,000 | $ 500,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 134.39 | $ 136.14 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 19,589 | 16,496 | ||||
Non Performance Based [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 553,942 | 671,263 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 189.98 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.27 | |||||
Performance Shares [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 600,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 22,460 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 152.51 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 39.60 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 961 | 5,084 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 182.17 | $ 151.63 |
Note 14 - Stock-based Compens70
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options (Details) - $ / shares | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days |
Dividend yield | 1.32% | 1.18% |
Weighted average estimated fair value (in dollars per share) | $ 48.27 | $ 39.60 |
Granted (in dollars per share) | $ 189.98 | $ 152.51 |
Fair value as a percentage of exercise price | 25.40% | 26.00% |
Minimum [Member] | ||
Term structure of risk-free interest rate | 1.28% | 0.07% |
Term structure of volatility | 19.00% | 21.00% |
Maximum [Member] | ||
Term structure of risk-free interest rate | 2.41% | 2.09% |
Term structure of volatility | 29.00% | 30.00% |
Note 14 - Stock-based Compens71
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Non-employee Director Stock Options (Details) | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days |
Dividend yield | 1.32% | 1.18% |
Employee Stock Option [Member] | Non Employee Directors Stock Option Plan [Member] | ||
Risk-free interest rate | 1.95% | |
Expected life (years) (Year) | 5 years 146 days | |
Expected volatility | 22.70% | |
Dividend yield | 1.24% |
Note 14 - Stock-based Compens72
Note 14 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan (Details) - $ / shares | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days |
Dividend yield | 1.32% | 1.18% |
Weighted average estimated fair value (in dollars per share) | $ 48.27 | $ 39.60 |
The 2008 Employee Stock Purchase Plan [Member] | ||
Risk-free interest rate | 1.11% | 0.35% |
Expected life (years) (Year) | 90 days | 90 days |
Expected volatility | 7.97% | 10.30% |
Dividend yield | 1.42% | 1.11% |
Weighted average estimated fair value (in dollars per share) | $ 25.79 | $ 30.32 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Aug. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Effective Income Tax Rate Reconciliation, Share-based Compensation Excess Tax Benefit, Amount | $ 4,100 | |
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 1,500 | |
Unrecognized Tax Benefits | 9,465 | $ 11,484 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,400 |
Note 15 - Income Taxes - Provis
Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Income before income taxes | $ 86,179 | $ 89,820 |
Provision for income taxes | $ 15,800 | $ 23,237 |
Effective tax rate | 18.30% | 25.90% |
Note 15 - Income Taxes - Signif
Note 15 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Deferred tax assets: | ||
Receivable reserve | $ 913 | $ 811 |
Depreciation on property, equipment and leasehold improvements | 3,235 | 2,220 |
Deferred rent | 11,452 | 11,615 |
Stock-based compensation | 19,447 | 20,117 |
Purchased intangible assets, including acquired technology | (33,376) | (32,742) |
Other | 5,304 | 8,059 |
Total deferred tax assets | 6,975 | 10,080 |
Deferred tax liabilities: | ||
Stock-based compensation | (840) | (815) |
Depreciation on property, equipment and leasehold improvements | 531 | 168 |
Purchased intangible assets, including acquired technology | 25,569 | 26,231 |
Other | (232) | 1,690 |
Total deferred tax liabilities | $ 25,028 | $ 27,274 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 3 Months Ended |
Nov. 30, 2017USD ($) | |
Unrecognized income tax benefits | $ 11,484 |
Additions based on tax positions related to the current year | 448 |
Additions for tax positions of prior years | 134 |
Reductions from settlements with taxing authorities | (2,601) |
Unrecognized income tax benefits | $ 9,465 |
Note 15 - Income Taxes - Major
Note 15 - Income Taxes - Major Tax Jurisdictions and Tax Years Subject to Examination (Details) - Latest Tax Year [Member] | 3 Months Ended |
Nov. 30, 2017 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2,018 |
State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2,018 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax year | 2,018 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax year | 2,018 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |
Open tax year | 2,018 |
Note 16 - Long-term Debt (Detai
Note 16 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 17, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | Aug. 31, 2017 |
Interest Paid | $ 3,400 | $ 1,100 | ||
The 2017 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575,000 | |||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 225,000 | |||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | $ 25,000 | |||
Long-term Line of Credit | $ 575,000 | |||
Line of Credit Facility, Commitment Fee Amount | $ 0 | |||
The 2017 Revolving Credit Facility [Member] | PNC Bank, National Associations [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 16 - Long-term Debt - Debt
Note 16 - Long-term Debt - Debt Obligations (Details) - USD ($) $ in Thousands | Nov. 30, 2017 | Aug. 31, 2017 |
Total Outstanding Debt | $ 574,666 | $ 575,000 |
The 2017 Revolving Credit Facility [Member] | ||
Total Outstanding Debt | $ 574,666 | $ 575,000 |
Note 17 - Commitments and Con80
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2017USD ($)a | Nov. 30, 2016USD ($) | Aug. 31, 2017USD ($) | |
Operating Leases, Rent Expense | $ 13,000 | $ 11,400 | |
Other Liabilities, Noncurrent | 36,913 | $ 37,188 | |
Letters of Credit Outstanding, Amount | 1,900 | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 81,000 | ||
Largest Individual Client Percent Of Total Subscriptions | 7.00% | ||
Percentage of Subscription from Ten Largest Clients | 20.00% | ||
Allowance for Doubtful Accounts Receivable | $ 2,900 | 2,700 | |
Deferred Rent [Member] | |||
Other Liabilities | 37,300 | 37,400 | |
Other Liabilities, Noncurrent | $ 33,200 | $ 33,500 | |
Norwalk Connecticut [Member] | |||
Area of Real Estate Property | a | 202,000 | ||
Non-cancelable Operating Lease [Member] | |||
Area of Real Estate Property | a | 1,612,100 | ||
Increase (Decrease) in Area of Real Estate Property | a | 469,100 | ||
Increase (Decrease) in Area of Real Estate Property, Percent | 41.00% |
Note 17 - Commitments and Con81
Note 17 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Nov. 30, 2017USD ($) |
2018 (remaining nine months) | $ 29,729 |
2,019 | 36,729 |
2,020 | 28,669 |
2,021 | 21,558 |
2,022 | 20,858 |
Thereafter | 144,761 |
Total | $ 282,304 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - USD ($) | Jan. 11, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2018 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Subsequent Event [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Scenario, Forecast [Member] | ||||
Severance Costs | $ 427,500 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |